Minderoo in cutthroat fight for supplies against ‘suitcases of cash’
Medical supplies and PPE potentially bound for Australia are being snapped up by representatives of other nations carrying suitcases of cash, as countries around the world resort to increasingly aggressive tactics to secure scarce pieces of medical equipment. The Aus
Qantas, pilots fight over JobKeeper pay
The Qantas Group has advised its 20,000 stood-down employees it will use the JobKeeper allowance to pay down their annual leave, sparking claims the payment is being used as a ‘‘balance sheet subsidy’’, not a wage subsidy. The Fin
Hostplus move allows it to halt withdrawals
Hostplus has quietly changed its terms and conditions so it can freeze redemptions and prevent cash switching, as the $50 billion fund faces questions about its capacity to meet what could be an avalanche of requests for up to $20,000 by out-of-work members. The Fin
Covid casuals: money for jam
Up to one million casual workers — including high school and university students — could receive a major financial windfall under the $130bn JobKeeper package, new data has revealed, as the government brokered a high-level deal with the ACTU over its landmark wage subsidy scheme. The Aus
BHP raises spectre of virus compo
BHP’s front-line mine workers have been told they could be eligible for workers compensation should they contract coronavirus on the job, highlighting the exposure faced by all types of Australian companies whose ‘‘essential’’ employees continue to work through the pandemic. The Fin
Corporates fortify their defences
Australian companies are rushing to capital markets to shore up their balance sheets to withstand the damage from a prolonged coronavirus shutdown of the economy, capitalising on a stockmarket that has bounced off its lows and lifted another 4.3 per cent yesterday. The Fin
CSL, Japanese rival unite for virus therapy
Blood products giant CSL has joined forces with Japanese rival Takeda in an unprecedented move to develop a COVID-19 plasma treatment that utilises the antibodies of recovered patients to help the seriously ill. The Fin
Nurses told it’s two masks each day
Australia’s second-biggest private hospital operator, Healthscope, is asking staff to limit their use of protective masks to two per nurse per shift as it combats global shortages of precious personal protective equipment. The Aus
SMEs facing a credit squeeze
Signs of a credit squeeze are emerging in the $350bn small and medium-sized business sector, as the major banks throw all available resources at the financial needs of their existing customers and overlook businesses desperate for a loan or refinancing deal from a new lender. The Aus
Goodnight to the AFL
An AFL night series — starting in October and ending in December — should be considered for the COVID-19 ravaged season, WA Sports Minister Mick Murray says. The West
The Australian Financial Review
Page 1: Australian companies are rushing to capital markets to shore up their balance sheets to withstand the damage from a prolonged coronavirus shutdown of the economy, capitalising on a stockmarket that has bounced off its lows and lifted another 4.3 per cent yesterday.
Wealth manager IOOF will not cut off lucrative conflicted remuneration to financial advisers until legally required, says its chief executive Renato Mota, who argues the vertically integrated model slammed by the Hayne commission provides the size and security to withstand the coronavirus crisis.
Blood products giant CSL has joined forces with Japanese rival Takeda in an unprecedented move to develop a COVID-19 plasma treatment that utilises the antibodies of recovered patients to help the seriously ill.
Page 2: Big four consulting firm PwC will cut the hours and pay of under-utilised staff by up to 40 per cent to offset the COVID-19 induced loss of business.
Page 3: Australia has recorded its lowest daily increase in new known cases of the deadly coronavirus since February, ahead of the release of official government modelling expected to show the danger in prematurely easing social distancing rules.
Page 5: The Qantas Group has advised its 20,000 stood-down employees it will use the JobKeeper allowance to pay down their annual leave, sparking claims the payment is being used as a ‘‘balance sheet subsidy’’, not a wage subsidy.
Page 7: Hostplus has quietly changed its terms and conditions so it can freeze redemptions and prevent cash switching, as the $50 billion fund faces questions about its capacity to meet what could be an avalanche of requests for up to $20,000 by out-of-work members.
Page 8: The Reserve Bank is widely tipped to hold the official cash rate steady at 0.25 per cent at today’s board meeting, but anxious money market investors are hoarding funds, pushing short-term rates below the central bank’s policy setting.
Page 11: America’s devastating coronavirus outbreak may be ‘‘levelling off’’, said Donald Trump, although his top health official warned coming weeks would be this generation’s ‘‘Pearl Harbour’’.
Page 15: Abu Dhabi’s sovereign wealth fund is expected to bypass Oil Search’s $1 billion-plus equity raising, which could open up the Australia-listed oil company’s share register to other strategic or financial investors.
Page 17: Virgin Australia will not rule out issuing more equity to raise capital, despite its share price languishing at 8¢ and recent attempts to lobby the government for a $1.4 billion loan.
Page 19: BHP’s front-line mine workers have been told they could be eligible for workers compensation should they contract coronavirus on the job, highlighting the exposure faced by all types of Australian companies whose ‘‘essential’’ employees continue to work through the pandemic.
Page 20: Analysis by a global research group has warned of a dramatic cut in technology spending by Australian organisations of up to $US536 million ($893.6 million) this year as a result of COVID-19 savings and project cancellations, which would place more pressure on struggling local companies.
The Australian
Page 1: Up to one million casual workers — including high school and university students — could receive a major financial windfall under the $130bn JobKeeper package, new data has revealed, as the government brokered a high-level deal with the ACTU over its landmark wage subsidy scheme.
Page 3: Australians are being ordered to scrap their Easter holiday plans with some states threatening hefty fines for anyone who attempts to stay in their holiday home or rental accommodation during the coronavirus outbreak.
Page 4: Australia’s second-biggest private hospital operator, Healthscope, is asking staff to limit their use of protective masks to two per nurse per shift as it combats global shortages of precious personal protective equipment.
Page 5: Medical supplies and PPE potentially bound for Australia are being snapped up by representatives of other nations carrying suitcases of cash, as countries around the world resort to increasingly aggressive tactics to secure scarce pieces of medical equipment.
Page 13: Signs of a credit squeeze are emerging in the $350bn small and medium-sized business sector, as the major banks throw all available resources at the financial needs of their existing customers and overlook businesses desperate for a loan or refinancing deal from a new lender.
Page 15: Retailers are blowing out supplier payment terms by as much as six months, placing small businesses under more pressure as they battle to survive an unprecedented cashflow crunch from coronavirus.
Page 17: NBN network traffic has surged by more than 70 per cent during daytime business hours and by as much as 25 per cent in the evenings, as demand continues to rise with Australians working and studying from home.
The West Australian
Page 3: Whether it was by road or by air, travellers yesterday continued to rush back to Western Australia on the first day of the McGowan Government’s unprecedented hard border closure.
The supermarkets are emerging as the biggest winners in the coronavirus crisis so far, with data showing West Australians already spent $75 million more in groceries in February compared to the same time last year.
Page 7: An established Perth obstetrician has moved to dispel fears that women cannot have birthing partners with them during labour as hospitals tighten measures to protect patients from coronavirus.
Page 9: Social distancing has worked so well, the nation may not need the 5000 extra intensive care beds governments are scrambling to establish for COVID-19, according to the former head of the Federal Health Department.
Page 12: An AFL night series — starting in October and ending in December — should be considered for the COVID-19 ravaged season, WA Sports Minister Mick Murray says.
Business: The extraordinary virus-triggered plunge in Australian retail sales and job advertisements has raised fears of an even deeper economic collapse that could send unemployment soaring above 10 per cent.
Small and medium businesses have borrowed more than $150 million from the Commonwealth Bank as they battle the effects of the coronavirus pandemic.
WA business owner Elliott Combes says many companies are taking a “leap of faith” while waiting for the Federal Government’s JobKeeper legislation to pass.
Fear in the market is causing investors to flock to companies better placed to sustain dividend payments in the rough months ahead, as analysts pick “defensive industrial stocks” as the ones to watch.
Caltex Australia has brought forward the closure of its major Queensland oil refinery due to COVID-19 business impacts as retail fuel sales drop as much as 50 per cent.
